Wednesday, August 18, 2021
The electric vehicle (EV) is about to take over the world. By 2030, studies indicate that as many as one-third of all cars on the road will be electricity fueled. The availability of electric vehicle charging must keep pace with the growth in EVs. Charging infrastructure will rely on a combination of policy, investment, mandate, and market tailwinds to keep up with the massive growth of EVs on the road; here’s where we stand with all four.
As it turns out, the policies supporting the electrification of transportation are still in their infancy, but smart cities and smart countries are leading the way to an electrified future. In the U.S. and Canada, the ambitious goals to reach net-zero emissions by 2050 are important forcing functions that drive ambitious policies. At the same time, ever more aggressive vehicle emissions standards in the U.S. and Europe are driving innovation in carbon credit programs and EV incentive programs for EV buyers.
Toyota, Ford, and GM, among many others, are investing tens of billions of dollars into over 160 new electric vehicle models by 2025. The amount of funding to offset the costs of installing charging stations is also growing, and increasingly available for businesses and individuals. Additionally, Biden Administration executive orders to electrify the Federal fleet of more than 600,000 vehicles also (wisely) includes the installation of 500,000 charging stations in the next decade.
A growing list of transportation mandates from cities, states and provinces, and national governments are pushing clean transportation with a focus on adding charging infrastructure, too. These mandates are changing how cities, institutions, and businesses think about their roles in the transportation sector. For example, in the last six months, the United Kingdom, the Canadian province of Quebec, and U.S. states of Washington, California, New Jersey, and Massachusetts have announced bans on the sales of new internal combustion vehicles by 2035. Earlier this year, Singapore announced it would commit to this phase-out by 2040.
Electric vehicle and charging technology is experiencing renaissance-like advancements to the state-of-the-art, particularly in the critical domains of battery range and efficiency, all while prices are trending downwards as the industry matures. The North American EV charging infrastructure market is set to boom to $18.6 billion by 2030 — globally up to $40 billion— with an estimated 40 million charging stations projected to be deployed worldwide. As the private sector recognizes the potential of using electricity as a transportation fuel, it is responding accordingly.
In this session, Jordan Ramer will address how these four tailwinds are pushing the monumental growth of EV charging and are propelling humanity towards a future without the scourge of tailpipe emissions.